The agency that invests New Jersey's pension money has sold its stake in a fund with ties to a Massachusetts gubernatorial candidate who gave money to New Jersey Republicans, according to a report.

The Department of Treasury has been reviewing whether New Jersey's $15 million investment in a venture capital fund managed by General Catalyst violated the state's pay-to-play law because its "executive-in-residence," Massachusetts Republican gubernatorial candidate Charlie Baker, had donated $10,000 in 2011 to the Republican State Committee, months before the state invested the money.

Now, Fortune, ­ citing a source,­ reports that the state Division of Investment has sold the stake anyway for a profit of about 1.5 times the cost.

According to the report, the Department of Treasury has not yet said whether the investment violated the statešs pay-to-play law, which is designed to limit the influence of public contractors on politicians.